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Magna International Q1 profit climbs 20.8% YOY

Magna International Inc. said its normalized net income for the first quarter amounted to $1.29 per share, compared with the S&P Capital IQ consensus estimate of $1.34 per share.

EPS rose 27.1% year over year from $1.02.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $496.5 million, a gain of 20.8% from $410.9 million in the prior-year period.

The normalized profit margin rose to 5.3% from 4.6% in the year-earlier period.

Total revenue climbed 5.3% on an annual basis to $9.37 billion from $8.90 billion, and total operating expenses rose from the prior-year period to $8.61 billion from $8.26 billion.

Reported net income grew 19.3% from the prior-year period to $586.6 million, or $1.53 per share, from $491.9 million, or $1.22 per share.